How Much Should Parents Give As Allowance?

How much should Bill give his son for allowance? Dave thinks that's the wrong approach.

QUESTION: Bill wants to know how he should decide on an amount for his son’s allowance.

ANSWER: I suggest putting children on a commission.  That means if the kids work, they get paid; if they don’t work, they don’t get paid.  Children look at money differently if they have to earn it than if it is just given to them.  You need to attach some chores to the money you’re giving your child.  By doing that, you create teachable moments that affect the way your child views money.